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UK on credit rating warning

Britain has retained its AAA credit rating from the Standard & Poor's credit rating agency, but has been warned it could be downgraded if it changes it plans to cut the deficit.

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Britain's precarious AAA credit rating

The Standard and Poor's credit rating agency today confirmed the UK's AAA rating but warned that the outlook remained negative.

It means all three major agencies have now painted a bleak picture of Britain's economic outlook.

  • The Moody's rating agency downgraded the UK to Aa1 in February - the first time Britain had lost its AAA rating since 1978.
  • In March, the Fitch agency put the UK economy on negative watch, the first step to a credit rating downgrade.
  • S&P has now reportedly affirmed the UK's AAA status, but with the caveat that there is "at least a one-in-three chance" it could be downgraded.

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